The Isle of Man has become a favoured destination for South African emigrants, comprising over 10% of its population, with 8,000 South African residents, and the island aims to attract thousands more over the next five years, according to Marnie Delaney-James, Director of Isle of Man Opportunities.
With a plan to bolster both its economy and population, the Isle of Man’s government targets a population increase of 15,000 within the next five to seven years, primarily through relocation, she said.
According to Delaney-James
, there are over a thousand vacancies on the island, a self-governing British Crown Dependency in the Irish Sea between Great Britain and Ireland, with job openings in the finance, digital and hospitality sectors, with a £1 billion long-term investment programme aiming to create 5,000 new roles and boost the economy.
The island boasts a low crime rate, stable governance, quality education, and short commute times, making it an attractive option. Tax benefits, including 0% capital gains tax and financial assistance schemes, attract businesses and individuals alike.
Delaney-James noted that that the Employee Relocation Scheme offers incentives for employers hiring off-island talent, further encouraging growth and skills importation. Isle of Man Opportunities said that it helped 45 South Africans relocate to the island in the last three months.
Moving from South Africa to the Isle of Man is an attractive option for individuals and families for various reasons, said Kinley managing director Christopher Kinley, explaining why below:
Political Stability
: The Isle of Man enjoys political stability as a British Crown dependency. It has its own government and legal system, which provides a reliable and consistent political environment.
Quality of Life
: The Isle of Man offers a high quality of life with a strong emphasis on healthcare, education, and safety. The crime rate is low, and the island’s size allows for a close-knit community.
Tax Benefits
: The Isle of Man is known for its favourable tax regime. The Isle of Man relies on a tax system based on spending (VAT) and follows a simple personal income tax regime with a maximum rate of 20%, potentially capped at GBP200,000 per year for higher earners, and no capital gains tax, no inheritance taxes and no stamp duty.
Financial Services
: The Isle of Man is a well-established international financial centre, making it attractive to individuals and businesses seeking international banking, investment, and wealth management services.
Business Opportunities
: If you are an entrepreneur or business professional, the Isle of Man provides a supportive business environment with access to European markets and the UK. It has a diverse economy that includes sectors like e-gaming, financial services, and technology.
Education
: The Isle of Man offers a high standard of education, and there are several schools, both public and private, for families to choose from.
Proximity to the UK
: The Isle of Man is conveniently located in the British Isles, providing easy access to the United Kingdom and other parts of Europe. This can be advantageous for personal and business travel opportunities.
Low Crime Rate
: The Isle of Man has a low crime rate, contributing to a sense of safety and security for residents. The Isle of Man is known to be one of the safest places in the British Isles.
Currently, the most popular Isle of Man immigration routes for South African citizens are:
The Isle of Man routes differ from those in the UK, and in some cases the requirements are easier to meet. It is also cheaper to apply for an Isle of Man visa, as the Isle of Man has no NHS Surcharge, said Kinley.
